The Rate of Exchange
International trade involves an exchange of currencies. When an English Merchant buys goods from a French merchant payment must be made in francs, as the French merchant must meet his expenses…
Economy
24 Makale
Quasi Rent
The characteristics of land set out above also apply to certain forms of capital. Some economists for this reason have doubted the usefulness of the distinction between land an capital.…
Politics and Ethics
Economics distinguished from Politics and Ethics Politics and ethics are normative studies, that is to say they are concerned with norms or standards.Politics and ethics are not merely concerned with…
Employment And Spending
All employment is caused by spending. If for example no one bought clothes all the tailors would be unemployed, and if people bought more clothes there would have to be…
The Employment Problem
Theories of the general level of employment are largely a product of the period after the Firs World War. Before then, economists considered that the forces of free competition always…
Profit And Cost
which entrepreneurs would not produce. The amount of profit required to call forth production will vary with the amount of uncertainty and from this we get the concept of the…
The Nature Of Interest
In a modern society there is always a good deal of borrowing. This is a natural consequence of the fact that those who have money are not always the same…
Methods Of Wage Payment
The simplest way in which to pay wages is to pay time rates; in this system the appropriate amount is paid for each hour, day or week spent at work…
Women's Wages
Women usually earn less than men. Whether this is desirable or not is no concern of the economist as such; explanations based on the equity or otherwise of this fact…
Can trade Unions raise Wages?
Actual circumstances are very much more complicated than the above simplified model. The impression it gives is that wages are rigidly determined by the marginal product of labour and that…
The Distribution Of Income
The factors of production and their Rewards Production is made possible by the co-operation of the four factors of production which are land, labour, capital and enterprise. It can be…
Characteristic of Free and Planned System
Economic system can be divided into two broad types, free and planned.A free system is one in which economic decisions are left to the individual instead of being taken…
The Nature of Wealth
We have seen that economy is concerned with the economical use of resources.To these resources the economist gives the name ‘wealth’.We must now define this term precisely.Like many other terms…
Factors Determining the Elasticity of Demand
Luxurious tend to have a more elastic demand than necessaries.A rise in the price of a necessary will not produce a very great failling off in the amount demand,unless price…